The President, Major General Muhammadu Buhari (retd.), urged citizens to give him seven days to resolve the cash‑crunch that has plagued the country following the Central Bank of Nigeria’s policy to replace high‑value naira notes with new ones. Speaking to the Progressive Governors’ Forum during their visit to the Presidential Villa, Buhari said the currency redesign would boost the economy and provide long‑term benefits, but he expressed doubts about the commitment of banks to the policy’s success. “Some banks are inefficient and only concerned about themselves,” he warned, adding that even an extra year would not eliminate problems rooted in selfishness and greed.
The President noted television reports of cash shortages and the hardship they cause for local businesses and ordinary people. He assured that the remaining seven days of the ten‑day extension would be used to crack down on obstacles to successful implementation. “I will revert to the CBN and the minting company. There will be a decision one way or the other in the remaining seven days of the ten‑day extension,” Buhari was quoted as saying in a statement released by his spokesman, Garba Shehu.
The governors told the President that, while they supported the decision to redesign the currency, its execution had been botched, causing growing public frustration. As leaders of their respective states and parties, they expressed anxiety about the economic slowdown and the upcoming series of elections. They requested that the President use his powers to allow both new and old notes to circulate concurrently until the end of the year.
Buhari replied that, when he approved the policy, he required an undertaking from the CBN that no new notes would be printed abroad. The CBN assured him that there was sufficient capacity, manpower and equipment to print the currency locally. He said he would investigate the situation further. Emphasizing his closeness to the people, Buhari promised to act swiftly to find a solution.
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